- Associated Press - Friday, November 13, 2015

MEXICO CITY (AP) - An associate of convicted former Texas tycoon R. Allen Stanford is being held in the Central American nation of Belize without bail as a flight risk.

Suspect David Nanes Schnitzer was arrested last week when he was caught with allegedly false documents in Belize.

Mexican authorities said Friday that Nanes Schnitzer headed the Mexican arm of Stanford’s Ponzi scheme, which allegedly defrauded investors in Mexico of $42 million.

Mexico says it is pursuing the deportation or extradition of Nanes Schnitzer to face a 2011 arrest warrant for unauthorized securities transactions.

Stanford was sentenced in the United States to 110 years in prison after being convicted of bilking investors in a $7.2 billion sale of fraudulent certificates of deposits from Stanford International Bank.

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This story has been corrected to show the amount allegedly defrauded in Mexico was $42 million.

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